Once the change was made, however, city fiscal experts were surprised at the size of the remaining increase under the state formula.
The public school district where the student resides pays tuition with state and local tax money through a state formula.
The program requires that 20 to 40 percent of a project's units rent below market rate, keyed to a state formula.
But the most important source is general obligation bonds, the sale of which are limited by the state formula.
Using the state formula, the ceiling for a property tax increase would be $1.2 billion this year and $2.5 billion next year.
Prices were based on a state formula setting the qualifying family income for the region at $38,400.
Through a state formula, developers are given extra units in return for the reduced rents.
If voters say no again, a district uses an austerity budget based on a state formula.
If those budgets fail to pass, state law mandates a 2.6 percent spending increase plus additional costs for new students based on a state formula.
The pooled money would have been redistributed under a state formula.